USD/CAD has pulled back after rallying strongly at the start of April. US-Dollar strength drove the pair higher on the back of shifting monetary policy expectations. The Canadian Dollar weakened on the back of falling Oil prices, expected cuts to interest rates. April’s up move was driven mostly by the US Dollar taking off on a blend of higher-than-expected US inflation data, strong jobs data and uber-hawkish comments from the Chairman of the Fed eral Reserve Jerome Powell.
Since higher interest rates attract greater inflows of foreign capital the delay has supported the Greenback. The Canadian Dollar, meanwhile, has weakened on increasing expectations that the Bank of Canada will cut interest rates in June. The markets are now pricing in a 70% probability of such a move, according to analysts at Brown Brothers Harriman .
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